SimplyBiz Mortgages has today announced two semi-exclusive second charge products available through Precise Mortgages.
The one-year fixed rate and lifetime tracker products, with one-year early redemption fees, are not generally available through Precise Mortgages’ core range. These products come with features including a BBR + 4.40% lifetime tracker, resulting in a 5.3% one year fixed rate and 4.9% tracker rate. Both bring a 1.35% procuration fee and are available on loans of up to 75% LTV plus lender fees.
SimplyBiz Mortgages CEO, Martin Reynolds, commented:
“This is really good news for firms looking for shorter term loans to meet their client’s requirements. This offers a sensible solution for advisers who are looking for beneficial alternatives for capital raising where the traditional route may not be the most suitable. Deals such as these only enhance a firm’s ability to compete in a wider market, providing more options to their clients, and we are pleased to be able to offer this in partnership with Precise Mortgages.”
Alan Cleary, Managing Director of Precise Mortgages added
“As a specialist lender, our aim is to provide customers with a variety of products that allows them more choice and flexibility when it comes to meeting their borrowing needs. Second charge loans play a significant role in providing customers with more choice and we are pleased to support SimplyBiz Mortgages and their members in offering their customers a wider range of alternative products.’